completely agree.
and Eddie and his men won't care -- they will absolutely mint money on the royalty.
imagine taking a 6% royalty on a 100% coal sales basis vs having a post cost, post debt, post tax, 20-25% equity income on just 60% of coal sales.
Eddie played his hand really really well. and with now him being both the seller and the buyer , and a non independent board -- it's basically his playground to swindle the minority investors for perpetuity.
Ann: Infrastructure Joint Venture Advances to the Next Stage, page-349
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